Joetta Hernandez is a single parent with two children and earns $52,000 a year. her employer's group life insurance policy would pay 2.5 times her salary. She also has $70,533 saved in a 401 (k) plan, $5,878 in mutual funds, and a $3,527 certificate of deposit.

She wants to purchase term life insurance for 15 years, until her youngest child is self supporting. She's not concerned about her outstanding mortgage, as the children will live with her sister in the event of her death. Assuming she can receive a 2% after-tax, after inflation return on insurance proceeds, use the earnings multiple method to calculate her insurance need. How much more insurance does Joetta need to buy? What other information would you need to know do use the needs approach to calculate just said is insurance coverage?